This study investigated the relative contributions of the individual latent and manifest benefits of employment to wellbeing in a sample of 248 unemployed people. Participants completed measures of wellbeing and the latent (time structure, activity, status, collective purpose, and social contact) and manifest benefits of employment (financial strain). Significant associations were found between the latent benefits and wellbeing, and between the manifest benefits and wellbeing. Both latent and manifest benefits contributed significantly to the prediction of wellbeing, with the manifest benefit accounting for the largest proportion. While all latent benefits did contribute significantly, individually status emerged as the most important contributor, followed by time structure and collective purpose. Results are discussed in the context of Jahoda's (1982) Latent Deprivation Model and Fryer's (1986) Agency Restriction Model.